Budget Now for Roof Replacement

There is nothing glamorous about paying for a new roof, but there are few other things on which homeowners should place a higher priority than protecting the investment that is literally above their heads.

The cost of replacing a roof is as variable as homes themselves. The size or pitch of the roof, the condition of existing decking, the materials used, the number of layers, local building code requirements and many other aspects can affect the bottom-line cost. According to Home Advisor, the average national cost for replacing a roof in 2016 was $7,020, with a cost of $2,000 at the low and as much as $30,000 at the high end.Unless you are able to take advantage of an insurance claim due to weather-related damage, how will you ever be able to afford to replace it? Like we said earlier, it isn’t glamorous, but there are a few things you can do to plan for the inevitable and you shouldn’t wait for the next big hail storm that may never come. After all, roofs aren’t made to last forever and there may be subtle signs already indicating that a new roof is in your home’s future.

Know your home

While many wait until signs of damage or wear and tear to plan for that new roof, that isn’t the best course of action. As a homeowner, you know there are certain maintenance expenses that are inevitable, like roof replacement. When buying the home, be sure to ask your inspector to provide an assessment of the age and condition of the roof. Using that information, plan ahead. The National Association of Home Builders say that wood shake roofs typically last about 30 years, fiber cement shingles last about 25 years, and asphalt shingle/composition roofs last about 20 years. There really shouldn’t be a “surprise” moment when it comes to the age of your roof.

Find out exactly what you need to plan for

If your roof is giving you signs to replace (or even if it isn’t), plan ahead by getting a free estimate from a reputable, local roofing contractor. Although prices of shingles vary based on supply and demand, a professional can at least give you a number to shoot for as you begin saving for a new roof.

Give a new roof the priority it deserves

Granted, paying for a new roof is expensive, but not replacing an aging or damaged roof can be even more costly in the long run. Budgeting tricks such as identifying the financial goal and setting aside a certain amount each month in a home repair fund is a great idea.